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Govt Changes Definition Of MSMEs, Revises Investment Limit; Here's What Is Different

In a major announcement, Finance Minister Nirmala Sitharamn stated that the definition of Micro, Small & Medium Enterprises (MSMEs) will now be revised.

MSME

In a major announcement, Finance Minister Nirmala Sitharamn on Wednesday stated that the definition of Micro, Small & Medium Enterprises (MSMEs) will now be revised since their low threshold was holding them back from growing.  While revealing that there was a long-pending demand for revision in the definition of MSMEs, Sitharaman announced that the investment limit for the MSMEs will be revised upwards, and additional criteria of turnover will also be introduced.

Along with this, the distinction between the manufacturing and service sector will be eliminated and necessary amendments to laws will be brought. To provide stressed MSMEs with equity support, the Government will also facilitate the provision of Rs. 20,000 crore as subordinate debt under which two lakh MSMEs are likely to benefit.

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